Signet Jewelers initiated with an Overweight at Stephens

Stephens initiated coverage of Signet Jewelers (SIG) with an Overweight rating and $150 price target The firm suspects “investors have either left SIG for dead or are not currently running screens for a jewelry retail stock,” but it argues that the stock provides a “rare combination of margin of safety, meaningful appreciation potential, a competitively well positioned business, company-controlled profit drivers and a new CEO/leadership team with a strategy that is in the early stages of working.” While the firm admits that macro backdrop is “a bit of a wild card,” it believes “time is an investor’s friend” with Signet.